Aviation stocks soar as Delhi govt cuts tax on jet fuel

Shares of Jet Airways soared 3.07 percent, SpiceJet climbed 2.86 percent while IndiGo's parent company InterGlobe Aviation rose 2.26 percent on BSE.

PTI March 08, 2017 19:35:16 IST
Aviation stocks soar as Delhi govt cuts tax on jet fuel

New Delhi: Airline stocks rose by up to 3 percent today after the Delhi government said VAT on Aviation Turbine Fuel (ATF) will be brought down from 25 percent to 1 percent for flights to remote areas such as North Eastern states.

Aviation stocks soar as Delhi govt cuts tax on jet fuelShares of Jet Airways soared 3.07 percent, SpiceJet climbed 2.86 percent while IndiGo's parent company InterGlobe Aviation rose 2.26 percent on BSE.

Air travel from Delhi to remote areas will be cheaper with the AAP government today announcing slashing of VAT on ATF from existing 25 percent to 1 percent to compliment the Centre's regional connectivity scheme (RCS).

Presenting the Delhi budget for 2017-18, Deputy Chief Minister Manish Sisodia said the cut in VAT on ATF will be applicable for direct flights between Delhi and remote areas identified under the RCS scheme as per prescribed conditions.

Sisodia said the decision to cut the VAT on ATF will benefit people from the North East and other remote areas as fares under RCS will come down significantly.

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